In this episode of Truth About FX, Walter talks about free forex educational resources. He suggests a book good book for those who have only started trading and wants to learn the psychology behind it. He also named a website that new traders can visit for instructional trading, especially those who are interested in price action.
Download (Duration: 01:58 / 2.26 MB)
In This Episode:
00:41 – The Naked Forex Book
01:05 – Baby Pips
01:35 – first step into forex
Talk with other traders and learn from them. [Click To Tweet].
Best Forex Trading book? “Naked Forex”. [Click To Tweet].
It’s better to get a background in trading itself. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter! This might be a tricky question: if you can only recommend one free forex education resource to someone who knows nothing about forex, what would that be?
Walter: It’s hard to be unbiased. I’ve heard from a lot of beginner traders, they liked the book “Naked Forex” that I wrote, which you can find really in just any bookstore that has trading books.
If you’re not into books, you really want to go to a website, which makes sense, because you can interact with people and things like that. My book comes with a free membership site but it’s not really interactive with other traders.
If I had to choose one and you didn’t really want to read a book, I would probably say to go with Baby Pips. I think Baby Pips is a great place to get into an instructional trading. It’s not really necessarily a — the last time I checked, which is a while ago — it’s really a place to go for naked trading or price action trading which is sort of where I reside.
It’s good to get a background in trading itself. That’s a really good resource if that’s your sort of thing, to go to babypips.com. I would certainly recommend that one. What about you, Hugh, anything that you think of in terms of first step into forex?
Hugh: I totally agree with those two things. Baby Pips, of course, and your book. You sent me a copy a while back. I really appreciate it and it’s definitely one of the best books I’ve ever read about forex trading. I totally agree.
Walter: That’s great! I didn’t realized it was so good. Thanks, Hugh. See you next time.
Hugh: See you.